Value Add Auction Opportunity(Nov 15-Nov 17). List Price is starting bid of $950,000. 1244,1265,1307,1315 MONROE ST 1300,1312,1320 PORTER ST, DEARBORN, MI 48124. 90-unit apartment complex located in the heart of Downtown West Dearborn, Michigan. The apartment property consists of 90 units spread over six buildings, where the unit mix consists of 30 – 425 sq ft studios, 30 – 550 sq ft studios with sunrooms, 24 – 950 sq ft 1bd apartments, and 6 – 980 sq ft 2bd apartments. Current rental rates in the downtown district for similar sized apartments range from $900 per month for older 500 sq ft studios to $1650 per month for 1bd 800 sq ft lofts. Considering the short-term status of the tenants, these figures are encouraging to the investor willing to work with tenants and invest capital improvements into the property. The three buildings on Porter St are mostly gutted and are ready for renovation, whereas, the three buildings on Monroe St. have occupancy for cash flow.
Listing courtesy of RE/MAX Team 2000.
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